XRP price support levels could be crucial for future movements as it receives additional support from OKX
A new investment product tied to XRP has been introduced, according to OKX. The user of the brand-new product, dual investment, must predict the price of XRP after a predetermined amount of time. The product resembles options trading and has become remarkably well-liked by people who use cryptocurrency exchanges. After Bitcoin, Ethereum, and USDT, XRP was the fourth cryptocurrency offered by OKX for dual investment.
📢 JUST IN: $XRP Ripple is now the 4th coin to be added to #OKX Dual Investment ⤵️
— OKX (@okx) March 2, 2023
With $35.3 million in trading volume, or 3.1% of all shares, and ranking seventh among all other tokens on OKX, XRP commands a sizeable portion of the market. On the other hand, OKX is one of the biggest centralized markets for trading XRP. With $120 million in trading volume in USDT alone, Binance takes the top spot.
The exchange likely intends to keep some of that volume by introducing XRP-linked financial product offerings. Remember that the FTX crash and additional FUD around Binance were two factors that primarily benefited OKX. Comparatively, from mid-November to now, the exchange’s total assets increased by 235.27%, from $3.43 billion to $8.07 billion.
Even though OKX is experiencing its heyday, you shouldn’t disregard security and make wise choices while holding money at centralized exchanges — particularly in circumstances like the new XRP product, which needs tokens to be locked.
3 XRP Support and Resistance Levels Need to Watch Closely
Investors should keep a close eye on three key support and resistance levels that XRP is displaying. The first two levels show the upper and lower boundaries of the falling trading channel that XRP entered in February. The digital asset’s price will be significantly impacted by the breakout of either of those lines.
The channel’s upper boundary is about $0.39, and its lower border is around $0.36. If XRP exits the upper barrier, it might indicate the beginning of an upswing and cause a substantial price gain.
On the other side, if XRP breaks free of the lower border, it can mean that the negative trend will continue and cause the price to drop even further.
The strongest support level that the virtual currency now possesses, $0.33, is the third crucial level for XRP. The price of XRP may go in the direction of $0.33 if it breaks through the channel’s lower border.
XRP/USD 4-hour chart | Source: TradingView
The price of XRP may sharply increase if this support level persists. However, if this level is breached, the price may continue to fall and even retest the previous low of $0.17. Despite hazy market conditions, XRP has exhibited extraordinary fortitude, recovering from its lows and keeping investors interested.
It has been amazing to maintain key support levels, which has raised investor confidence. But for the price of XRP, the breakout of the trading channel will be a key move. Investors should attentively watch these levels to make wise choices.
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